hours. At the end of the equipment's useful life,

Southern

estimates that its residual value will be

$6,000.

The equipment operated for

480

hours the first year,

1,440

hours the second year,

1,920

hours the third year, and

960

hours the fourth year. Read the requirements

LOADING...

.

Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciationmethods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared.

Begin by preparing a depreciation schedule using the straight-line method.

Straight-Line Depreciation Schedule
		Depreciation for the Year
	Asset	Depreciable		Useful		Depreciation	Accumulated	Book
Date	Cost	Cost		Life		Expense	Depreciation	Value
1-2-2024
12-31-2024					=
12-31-2025					=
12-31-2026					=
12-31-2027					=